Wells Fargo and Bank of America have been investing in private prison corporations who create and maintain many of the U.S.’s immigration detention centers, namely the GEO Group and CoreCivic. In 2019, several banks including JPMorgan Chase, Wells Fargo, PNC Bank, and Bank of America said that they would no longer provide any new financing to these companies. However, after widespread criticism from Republicans including President Donald Trump, Bank of America and Wells Fargo, have started to work with these private prison/detention corporations again.

Research has consistently shown that these facilities often lack adequate oversight, leading to documented human rights abuses and poor medical care. While Wells Fargo and Bank of America claim to value human rights and community social responsibility, these companies continue to serve as a financial backbone for the private prison industry. These corporations profit from the incarceration of our neighbors and community members and the detention of immigrant families. By providing the capital necessary for these companies to operate and expand, Wells Fargo and Bank of America are complicit in a system that prioritizes shareholder profit over human dignity.

We call on Wells Fargo and Bank of America to immediately cease all financial ties, including revolving credit lines and term loans, to The GEO Group and CoreCivic. We will move our personal and business accounts to financial institutions that align with our values and do not finance the private prison industry. Find your local credit union to transfer your finances to.